Tradition says that professional sports stadiums get named for teams, politicians, or veterans. We’ve had, and still have, Yankee Stadium, Dodger Stadium, and Cowboys Stadium. In the Capital Region, the Tri-City Valley Cats play at the “Joe,” named for retired State Sen. Joseph L. Bruno. Beginning in the 1950s, stadiums began to get a corporate flavor when St. Louis renamed its traditional Sportsman’s Park for the team and brewery owner August Busch (a name that has survived through three stadiums). Today, corporate named stadiums are more the rule than the exception. And the price tags can be high…for customers of these corporations who ultimately pay the bill. Advertising is expensive, whether on television or for the rights to attach a company’s name to a stadium. Here are five of the highest priced and noteworthy deals involving financial serices companies, according to BusinessInsider.com and money.com.
(P.S.–Many highly respected financial companies do not advertise, and thus offer services at available, affordable rates.)
Met Life Stadium
Home of the football Jets and Giants, Met Life Stadium costs the financial giant $400 million for 25 years. Typically, all naming-rights fees accrue to the teams that play there and not the government entity that built the structure.
Opened in 2009, after Citi Corp had received a government bailout, the home of the Mets carries a naming-rights bill of $400 million over 20 years. Truly, the public has a vested interest, more than usual, for this corporate named sports edifice. Enjoy the 2013 All-Star game!
Raymond James Field
The financial services company, Raymond James from neighboring St. Petersburg, FL, pays $32.5 million over 13 years to have its name placed on the home of the NFL’s Tampa Bay Buccaneers. A relative bargain in the name game.
M&T Bank Stadium
A name familiar to New Yorkers, M&T Bank expanded into Maryland and plunked down $75 million over $15 years to own the name of the Baltimore Ravens’ football stadium.
Major league sports returned to Brooklyn with this new arena as home to the basketball Nets and soon the NHL’s Islanders. The London-based financial conglamorate paid $400 million over 20 years for the deal.